In a stunning move, rival automakers Ford and Tesla have announced a partnership that will see Ford electric vehicles (EVs) using Tesla’s Superchargers technology. This surprise announcement saw shares of both companies rise by over 7% on the day.

Speaking about the deal, Ford CEO Jim Farley said that it was “a bet for our customers.” He added that the partnership would benefit both companies, as they work together to accelerate the adoption of EVs. “Our alliance with Tesla will help us expand the charging infrastructure for our customers and support the growth of the EV market,” Farley said.

The deal will see Ford using Tesla’s Supercharger network, which currently has over 25,000 charging ports across North America, Europe, and Asia. In return, Ford will add Tesla plugs to its EVs, allowing them to charge at Superchargers as well as at other charging stations. This move will give Ford customers access to the largest and most fast-charging network in the world.

The announcement comes as Ford and other automakers are under pressure to catch up with Tesla, which has maintained its position as the market leader in EVs. By partnering with Tesla, Ford hopes to close the gap and become a major player in the EV market.

Some analysts have hailed the partnership as a smart move for both companies. “This is a win-win for Ford and Tesla,” said John Voelcker, an independent auto industry expert. “Ford gets access to Tesla’s charging infrastructure, while Tesla gains a new revenue stream from Ford customers using its Superchargers.”

The deal is expected to start rolling out in the coming months, with both companies working together to integrate Tesla’s charging technology into Ford’s EVs. It remains to be seen how this alliance will impact the rest of the automotive industry, but for now, it seems that Ford and Tesla are in it together.